The fall of the Berlin Wall and the end of global extreme poverty

The Market Monetarist

Today it is 25 years ago the Berlin Wall came down. It has become the symbol of the end of communism and is surely something which should be celebrated.

The end of communism and the end of the Cold War sparked what has become one of the best periods in human history. As communism ended globalization or rather global capitalism took off. While communism stated goal was to eradicate poverty it never succeed in anything else than oppressing billions of people.

On the other hand globalisation has turned out to be a fantastic anti-poverty program as the always brilliant Doug Irwin explains in a new Wall Street Journal oped:

The World Bank reported on Oct. 9 that the share of the world population living in extreme poverty had fallen to 15% in 2011 from 36% in 1990. Earlier this year, the International Labor Office reported that the number of…

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